AfDB gives $155m ‘soft loan’ to support Tanzania’s private sector reform, economic governance

The African Development Bank (AfDB) Group is lending an amount of $155.2 million to support private sector reform and economic governance in Tanzania within the country’s framework of the Governance and Economic Competitiveness Support Programme.

The ‘soft loan’ was approved by the AfDB’s Board of Directors December 6, 2011, according to the lender in a statement December 20, 2011.

This programme is the AfDB Group’s fourth general budget support operation in Tanzania. One of its distinctive features is that it widens the scope of the AfDB’s intervention to target both soft and hard enablers of private sector development, while consolidating gains and deepening reforms in public financial management and mainstreaming anti-corruption reforms,” said the AfDB’s director for governance, economic and financial management, Ndoumbe Lobe.

The AfDB Group says it has 23 ongoing operations in Tanzania. “They include 15 national projects, two private sector operations and six multinational operations, amounting to a total commitment of around $945 million,” it said.

By Ekow Quandzie